Say hello to bank reform. With a 60-39 vote, the U.S. Senate on Thursday passed a major overhaul of the rules that govern banks. The bill heads to President Obama next week for his signature.

Will the new law save us from the next financial crisis? Who knows?

Still, consumers may benefit under the new law's consumer protection bureau, including the stated goals to reduce unfair fees and eliminate confusing language in credit contracts.

Read Ruth Mantell's story today for a look at how the new consumer bureau will work -- and how you and I may not really notice some of the changes, even if we do benefit from them -- and check out Ron Orol's story for more details on how banks will change under the new rules.

Critics of the new consumer bureau say lenders will hike costs and limit access to credit as a result of the changes. But don't lenders do that when they want to, already? This way, if we do indeed get clearer statements and terms, at least it'll be easier to shop around for the right loans.

My devout wish is that the new bureau does something about the 2-ton weight of mortgage-loan closing papers -- and all the hidden costs and fees in the closing process -- with which home buyers and sellers must deal. That problem is simply out of hand.

Of course, the big unknown is how adept this new agency will be at really doing what's best for consumers. It wouldn't be the first time that lawmakers' good intentions get bogged down and muddied into something totally unrecognizable.

--Andrea Coombes, Personal Finance editor

What the new consumer financial bureau means for you

For many consumers the only thing clear about their credit card is that the terms are confusing, but that may change as credit cards and other consumer financial products undergo a makeover, following the Senate's vote Thursday to move forward with a far-reaching bank-reform bill. See story on what the new consumer financial bureau means for you.

RETIREMENT

Retirement may mean a lifestyle downgrade

If you're a baby boomer, the odds are high you'll exhaust your retirement savings after 10 or 20 years of retirement, according to the latest Retirement Readiness Rating report released this week by the Employee Benefit Research Institute. See Robert Powell.

HEALTH CARE

Whooping cough resurgence calls for vaccine vigilance

California has declared a statewide epidemic of the highly contagious illness known as whooping cough, and other states such as Ohio and Michigan are reporting increases as well. See Kristen Gerencher's Health Matters Blog.

REAL ESTATE

Mortgage rates stay at record lows

The 30-year fixed-rate mortgage averaged 4.57% for the week ending July 15, unchanged from last week when it hit a record low, according to Freddie Mac's weekly survey of conforming mortgage rates, released on Thursday. See story on mortgage rates stay at record lows.

Initial jobless claims fall by 29,000

The number of people submitting initial applications for state unemployment insurance benefits fell 29,000 to 429,000 last week, hitting the lowest level since August 2008, the Labor Department reported Thursday. See initial jobless claims fall by 29,000.

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